Morning Minute: SWIFT Goes On-chain

Core Insights - SWIFT is integrating a blockchain ledger into its infrastructure, starting with a prototype designed by ConsenSys for instant interbank cross-border payments [2][3] - A coalition of over 30 institutions, including major banks like Bank of America and Citi, is involved in the development of this blockchain solution [3] - The integration of blockchain technology by traditional financial institutions signifies a shift towards more efficient payment systems and acknowledges blockchain as a superior solution [4] Industry Implications - The move to a blockchain-based system by SWIFT could lead to significant cost savings and operational efficiencies across financial institutions [4] - The standardization of shared ledgers among banks will facilitate the bridging of fiat, stablecoins, and tokenized deposits, enhancing the validity of crypto in the market [6] - This development is expected to be bullish for stablecoins and the tokenization of real-world assets (RWAs), further legitimizing crypto on a global scale [6]